2011 December Gold Chart Featuring the Gann Swing Chart and Gann Angles.
This morning’s strength in the December Gold market has put the market in a position to challenge the last swing top at $1681.50. A trade through this price will turn the main trend to up and could trigger an acceleration to the upside.
Based on the main range of $1923.70 to $1535.00 the first upside target is a retracement zone at $1729.35 to $1775.22.
Downtrending Gann angle resistance is another possible upside target. On Thursday, this angle comes in at $1747.70. It will drop down to form an important resistance cluster with the 50% price level on October 10 at $1729.35 to $1731.70.
